If you are interested in understanding or managing payroll, especially with the upcoming payroll changes in Ireland for 2024. The resource provided here is an invaluable source of knowledge that will certainly capture your interest and provide you with extensive information. Our method is carefully crafted to improve your comprehension and practical application of payroll processes, assist in compliance with regulations, and effectively support your employees. Acknowledging the intricacies of payroll management, we welcome any questions or concerns that may not be addressed in this material.
The Amergin Group is committed to delivering tailored support and advice.
Starting January 1, 2024, Irish employers must report specific expenses and benefits to the Revenue Online Service (ROS), including briefing small non-cash benefits, remote work allowances, and travel expenses.
The minimum wage is set to rise to €12.70 per hour in 2024. Furthermore, the shift towards a ‘Planned Living Wage’ is expected to align with the cost of living, impacting payroll strategys.
Changes in the income tax structure and Universal Social Charge (USC) rates are on the horizon, affecting payroll calculations and employee net pay.
From October 2024, all PRSI contribution rates will see a slight increase. Employers must update their systems to reflect these changes.
There’s an extension in the relief for E-Vehicles, focusing on reducing the Original Market Value (OMV) for tax purposes. This impacts how BIK is calculated for company-provided vehicles.
The number of statutory sick pay days is set to increase, impacting employer responsibilities and employee entitlements.
From August 2024, parents’ leave will be extended, affecting payroll planning for employees with young children.
A pivotal change in 2024 is the introduction of the Pension Auto-Enrolment Scheme, ensuring long-term financial security for employees. Here’s an overview of the phased contribution scale, as outlined by Revenue:
Years |
Employee Contribution |
Employer Contribution |
Government Contribution |
|---|---|---|---|
| 1 – 3 | 1.5% | 1.5% | 0.5% |
| 4 – 6 | 3% | 3% | 1% |
| 7 – 9 | 4.5% | 4.5% | 1.5% |
| 10 | 6% | 6% | 2% |
These percentages will incrementally rise over the years, reaching a 6% contribution from employees and employers by the tenth year, with a 2% government contribution.
These include increased thresholds for VAT registration, enhancements to the Research and Development tax credit, temporary tax reliefs for landlords, and adjustments in Capital Gains Tax for angel investors. Each change presents unique challenges and opportunities for businesses in Ireland.
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